Mobile fintech penetration at 45%: study

It is expected to reach 48% by the end of 2030.

Mobile fintech penetration in Singapore has reached 45% in 2024, according to UnaFinancial, and is slated to rise to 48% by 2030.

This is about triple the share it held compared to 2019.

Amongst markets, Singapore ranked fifth in mobile fintech use, trailing behind the Philippines at 63%, followed by Malaysia (55%), Indonesia (49%), and Vietnam (32%).

For Southeast Asia, digital wallets and payment make up 35% of mobile fintech use, followed by mobile banking at 17%.

Lending apps have been named the fastest-growing segment, increasing from 1% in 2019 to 5% in 2024.

Investing and cryptocurrency trading apps have the lowest penetration levels with 2% each, likely due to decreased activity amidst the unstable global economy, according to UnaFinancial.

The report used data from data.ai on the active fintech app users starting from May 2019. The sample included 8,740 iOs and Android apps across the Southeast Asian countries studied.